By Sharad, On September 6th, 2013. In Industry Insights.
Pinterest is the first top-of-the-funnel social network that is fundamentally about idea and product discovery. It is the new social e-commerce central that is connecting people to their aspirations. In this post we’ll outline some of the recent trends that clearly establish the bright future awaiting Pinterest and social e-commerce. Bear in mind that Pinterest just raised a massive $225M Series E, with a valuation of $3.8B – with the that huge cash infusion there will substantial investment in the platform, and the following statistics will likely only become more impressive.
- Steady User Growth: Pinterest grew from 35 million users in mid 2011 to 70 million users by early 2013. That’s a 100% growth in 18 months. According to comscore, Pinterest got 53.3 million unique visitors in March 2013 – roughly double its traffic a year earlier.
- Rising share of Social E-commerce: Pinterest share of social e-commerce sales grew from 2% a year ago to 23% in Q2, 2013. That is nearly one fourth of all social e-commerce. Read more here.
- Revenue per Pin in Dec 2012 was $0.64. On average a retailer generated 64 cents in sales for every pin that originated from their profile or website. Pinterest receives 100M+ new pins every day. At 64 cents a pin – Pinterest is generating billions of dollars worth of e-commerce sales per month.
- New online showroom: 41% of pinners engage in reverse show-rooming. Those pinners discover the product on Pinterest but end up purchasing those products in the brick-and-mortar stores. 59% of the pinners buy the product 2 weeks after pinning the product. Read more on our pinterest blog.
- Rising share of social traffic: Pinterest accounted for 24.96% of site traffic from social networks, up from 17.51% last year. According to Monetate, Pinners spend $80.54 per order when coming from Pinterest, compared with $71.26 for Facebook and $70.17 for Twitter. Read more on our pinterest blog. According to RichRelevance the AOV from Pinterest is $169.
- 50% of all social sharing on iPad happens via Pinterest. Read more on our pinterest blog.
- Pinners are 10% more likely to buy products according to Shopify’s study on its network. It also suggests pins with labelled prices receive 36% more likes than the average pin.
Activity on Pinterest reveals intent. Majority of the users are women between 24-44, a group that controls majority of consumer purchasing decisions. And the network is growing internationally. To ignore Pinterest is like ignoring a large scale automated focus group that is telling your brand what they like and worse it is overlooking a huge and growing revenue opportunity. Pinterest does not have ads yet; but to wait for ads would be like forgoing SEO while waiting for Google Adwords.